Union Insurance Company Reports a Robust Increase of 34% in Gross Insurance Premium in H1 2016
(Dubai, UAE- 15 August, 2016) - Union Insurance Company, a leading provider of innovative customer-focused insurance solutions to individuals and organizations in the region, announced its financial results for the first half of 2016.
The company reported a robust increase of 34% in gross insurance premium, up to AED442 million as at 30/6/2016 compared to AED331 million for the same period last year. The company's total assets increased from AED1.1 billion at year-end 2015 to AED1.3 billion as of 30 June 2016.
UUnion Insurance's gross technical profit rose 7.6%, from Dhs53 million as of end of June 2015 to Dhs57 million reported in 2016.
Net result after the investment income was a loss of AED (4.3) million for H1 2016 compared to a net loss of AED (7.4) million for the same period last year. Loss per share is AED (0.013) compared to per-share loss of AED (0.022) a year earlier.
About Union Insurance Company
Established in 1998 and listed on the Abu Dhabi Securities Exchange, Union Insurance Company is regulated by the UAE Insurance Authority and has a paid up capital of over AED 330 million. The company provides a wide range of individual and commercial insurance products to clients in the UAE and Middle East region. The company is rated B++ (Good) with positive outlook by AM Best Rating Services.
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